Thursday, September 18, 2008

Double Standards

I love this quote in the Wall Street Journal (HT: EconLog):
"No one in a democracy, unelected, should have $800 billion to spend as he sees fit," said Mr. Frank.
Notice the caveat "unelected"? Just like the "do not call" list, the politicians seem to think: good for thee but not for me.


Anonymous said...

The problem is not that he has $800 billion to spend- I don't begrudge someone wealth. The problem is that he has the power to create $800 billion out of thin air and then hold us liable for it. Free market? I think not.

mjh said...

I may not have been clear. I don't begrudge anyone having $800b to spend, either. But I love the fact that this guy thinks no one should have that money to spend... unless you're an elected politician. Then it's ok.

Personally, I think it's exactly the opposite. Elected officials spend other people's money. They don't spend their own. As a result, I don't think that elected officials should be allowed to spend any of other people's money.

Now, of course, who he's talking about is Ben Bernanke, the FED chairman. Someone who controls $800b of other people's money. But what I think is funny is how he's crafted the rules so that it's ok for him to control $800b but not ok for someone else.

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